Here's the latest on Nashville's battle for short term rentals
As I reported last week, there is an ongoing War on Short Term Rental properties in Nashville.
Earlier this week, there was a combined meeting of Planning, Codes and Tourism committees of the Metro Council. The meeting was not designed to make any decisions, but instead to try and create consensus.
Two differing opinions emerged from that meeting. Some of the council member are determined to eliminate all non-owner occupied short term rentals such as AirBnB. The other group wants a moratorium on new permits issued so they have more time to study and develop an acceptable solution.
Here are the economics of the situation.
The overall impact of these type of rentals in Nashville is $477M according to a study just completed by a consulting firm for HomeAway, a company similar to AirBnB.
With a lack of hotels rooms for our growing tourist and business travelers, eliminating these properties would result in a reduction in visitors to Nashville. Non-owner occupied short term rentals make up 60% of the permits issued in Nashville.
The study also showed that the short term rentals also created more than $150M in wages with over 5,400 permanent jobs in 2016.
The fight is not over. And we need your help.
There is a bill that is up for its third and final reading concerning cleaning up the “vague” language in the original bill which caused it to be recently suspended by a local judge.
It’s possible that the language of this bill could be amended during the council meeting.
Will you join me in attending the next Metro Council Meeting on February 7th?
And if you cannot attend, will you contact your Council member and let them know how you stand?
If you can do either of these, please hit reply and let me know.
Hope to see you there on February 7th.
The Daily Deal in Nashville is a lovely brick ranch home in West Meade that is listed for less than $370,000.